Woodland Park, New Jersey -- Cytec Industries Inc. said 21 May that it has started a formal sale process for its coating resins business. It aims to complete the sale by the end of the year.
Cytec's coating resins include: radiation-cured types, liquid coating resins and additives (including water-borne, solvent-borne and urethane resins and additives), as well as powder-coating resins and amino crosslinkers.
The sale is Cytec's "preferred alternative for separating the business," said Shane Fleming, Cytec chairman, president and chief executive officer, in a statement.
Flemng said the move is "another significant step forward in executing our portfolio transformation strategy,"
It will allow Cytec to continue its strategy of focusing on high growth advanced composite materials and separation technologies.
As part of this strategy, Cytec recently announced the sale of its Pressure Sensitive Adhesive product line, and earlier this year bought Umeco plc, an international provider of advanced composite materials and Star Orechem International Private Limited, an India-based manufacturer of extraction technology.
Cytec said it does will not disclose developments until the sale of the Coating Resins is complete.